Q2 & 1st half 2021 result presentation

Henning Olsen and Dag Fladby

19 August 2021

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• This draft presentation (hereinafter referred to as the “Presentation”) has been prepared exclusively for information purposes and does not constitute an offer to sell or the solicitation of an offer to buy any financial instruments.

• This Presentation includes and is based on, among other things, forward-looking information and statements. Such forward-looking information and statements are based on current expectations, estimates and projections. Such forward-looking information and statements reflect current views with respect to future events and are subject to risks, uncertainties and assumptions. We cannot give any assurance as to the correctness of such information and statements.

• Several factors could cause the actual results, performance or achievements of the companies mentioned herein to be materially different from any future results, performance or achievements that may be expressed or implied by statements and information in this Presentation, including, among others, risks or uncertainties associated with the company’s business, segment, development, growth management, financing, market acceptance and relations with customers, and, more generally, general economic and business conditions, changes in domestic and foreign laws and regulations, taxes, changes in competition and pricing environments, fluctuations in currency exchange rates and interest rates and other factors. Should one or more of these risks or uncertainties materialise, or should underlying assumption prove incorrect, actual results may vary materially from those described in this document. We do not intend, and do not assume any obligation, to update or correct the information included in this Presentation.

• There may have been changes in matters which affect the companies herein subsequent to the date of this Presentation. Neither the issue nor delivery of this Presentation shall under any circumstance create any implication that the information contained herein is correct as of any time subsequent to the date hereof or that the affairs of the company/companies have not since changed, and we do not intend, and do not assume any obligation, to update or correct any information included in this Presentation.

• This Presentation is subject to Norwegian law, and any dispute arising in respect of this Presentation is subject to the exclusive jurisdiction of Norwegian courts with Oslo City Court AS exclusive venue.

2

Disclaimer

Highlights Q2

3* Before other income and expenses (M&A expenses)

Revenue• NOK 1.5 billion (NOK 1.7 billion Q2 2020)

EBITA*• NOK 47 million (NOK 27 million Q2 2020)

Order backlog• NOK 6.7 billion (NOK 7.5 billion Q2 2020)

Order intake• NOK 2.2 billion (NOK 1.3 billion Q2 2020)

Highlights Q2 – Major wins

4

NOR: Drammen Quay

NOK 213 million

SWE: Sundsvall-Birsta-Timrå and Tunadal

NOK 95 millionNOK 420 millionNOK 2,000 million

FIN: Joensuu railway yard

FIN: Frame contract* (material)

* Not included in the order book

Operations and business during Covid-19

Operations

Main priorities• Keep employees safe and minimize impact on operations• Compliant with public restrictions and recommendations • Monitor potential effects on the industry and NRC Group’s business

• Limited impact on project execution to date• Maintenance and upgrade activities considered critical infrastructure• Increasing uncertainty due to further increase of infection• Restrictions related to workforce mobility, will lead to higher production cost• Eased entry restrictions for fully vaccinated and workers who have recovered from

Covid-19

Risk management

• Maintaining robust financial position • National public transport agencies represent ~95% of backlog• Outbreaks may impact productivity, project execution and value chain• Dependent on customers announcing and awarding tenders as scheduled

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Health & safety first

*LTI-1: Injuries resulting in absence at least one full day per million man-hours (incl. subcontractors).

**LTI-2: lost time injuries in total per million man-hours, also including injuries that require medical treatment and alternative work (incl subcontractors).

Figures per 30 June 2021 compared with 30 June 2020.

0SERIOUS INJURIES

Q2 2020: 0

7.8LTI-1*

Q2 2020: 4.1

3.9%SICKNESS ABSENCE

Q2 2020: 4.7%

20.5LTI-2**

Q2 2020: 11.3

SUSTAINABILITY TRAINING FOR ALL EMPLOYEES

COMPREHENSIVE ANALYSIS - EU TAXONOMY

OPERATIONAL IMPROVEMENTS

Sustainability at the core of our strategy

30% reduction in emissions

across countries by end of 2024

Net-zeroemissions by 2050 at the

latest

OUR TARGETS ACIVITIES DURING Q2

8

Q2 key figures – Profit & loss

* Before other income and expenses (M&A expenses)

(Amounts in NOK million) Q2 2021 Q2 2020 YTD 2021 YTD 2020 FY 2020

Revenue 1 529 1 661 2 658 2 915 6 449

Operating expenses 1 430 1 580 2 569 2 835 6 185

EBITDA* 99 81 89 80 264

Other income and expenses (M&A expenses) -5 2 -11 -6 -1

EBITDA 93 83 77 75 263

Depreciation 52 54 101 108 214

EBITA* 47 27 -12 -27 50

EBITA 41 28 -23 -33 49

Amortisation 21 16 33 31 59

Operating profit/loss (EBIT) 20 12 -57 -64 -10

Net financial items -15 -18 -33 -41 -84

Profit/loss before tax (EBT) 5 -6 -90 -105 -94

• Revenues down 8% from Q220 • Adjusted for currency ~ -3%

• EBITA* improvement of NOK 20 million from Q220

• Cash: NOK 441 million

• Interest-bearing debt reduced by NOK 37 million to NOK 1,620 million

- Operating lease of NOK 149 million

• Net interest-bearing debt increased by NOK 72 million, to NOK 1,179 million

• Equity ratio: 47%

9

Q2 key figures – Balance sheet

(Amounts in NOK million) 30.06.2021 30.06.2020 31.12.2020

ASSETSIntangible assets 2 917 2 989 3 010Right-of-use assets 527 578 588Total other non-current assets 216 319 255

Cash and cash equivalents 441 691 610Other current assets 1 508 1 566 1 404Total assets 5 610 6 143 5 867

EQUITY AND LIABILITIESTotal equity 2 611 2 732 2 731

Long-term financial lease liabilities 248 273 290Long-term operating lease liabilities 93 105 106Other non-current interest-bearing liabilities 957 1 138 1 042Other non-current liabilities 34 63 52

Short-term financial lease liabilities 119 130 120

Short-term operating lease liabilities 56 53 57

Other interest-bearing current liabilities 148 159 153

Other current liabilities 1 344 1 488 1 316Total equity and liabilities 5 610 6 143 5 867

9

-21

63

4331

129

110

17

10

Q2 key figures - Cash flow

Q1 2020

Q3 2020

Q2 2019

Q3 2019

Q4 2019

Q2 2020

Q4 2020

Q1 2021

(NOK million) Q2 2021 Q2 2020 YTD 2021 YTD 2020 FY 2020

Profit/loss before tax 5 -6 -90 -105 -94

Net cash flow from operating activities -45 31 -29 87 316

Net cash flow from investing activities 33 -30 46 -38 -150

Net cash flow from financing activities -94 -108 -190 502 304

Net change in cash and cash equivalents-106 -108 -172 551 470

Cash and cash equivalents at the end of the period 441 691 441 691 610

Q2 2021

* From continuing operations

-45

Cashflow from operation* per quarter (NOK million)

• Normal seasonal development

• Q2 last year was positively affected by improved payment terms to Trafikverket in Sweden, due to Covid-19 support measures

Strong order intake Q2 2021

11

554341

754

386

1244

765

859

639

474

921

Unannounced order intakeAnnounced order intake

* “Zero margin” projects, related to the project adjustments in Q4 2019 is ~ NOK 103 million on 30 June 2021, and is scheduled for execution in 2021.

• Order book NOK 6,693 million

• Framework agreement with FTIA in Finland of NOK 2,000 million not included in the orderbook

• Order intake of NOK 2,166 million

• Announced orders NOK 1,244 million

• Unannounced orders NOK 921 million includes

723771528060 7391 7566

6.223

6495 63266058

Q1 21Q2 20 Q4 20Q3 20 Q2 21

1 319

1 200

1 393

860

2 166

Q1 21Q2 20

6 475

Q3 20 Q4 20 Q2 21

7 526

6 835

5 961

6 693

Order book*(NOK million)

Order intake(NOK million)

12

Financial position as per 30 June

• Cash position of NOK 441 million

• Undrawn Revolver Credit Facility of NOK 200 million

• Net interest bearing debt of NOK 1,179 million

*Leasing includes NOK 149 million in operating leases according to IFRS 16, NOK/EUR of 10.172 is used in calculation bank debt instalments

74148 148 139

600

2021 2022 2023 2024

Bank loan Bond

Net interest-bearing debt(NOK million)

Bank and bond maturities (NOK million)

EU Taxonomy – Eligible and aligned activities

13

NOT ALIGNED

Do screening criteria exist for the activity?

As defined by the EU Taxonomy

Does the activity substantially contribute to climate change

mitigation and/or adaptation?Must meet at least one of the criteria

Does the activity meet DNSH’ requirements?

Cannot fail on any of the criteria

Does the activity comply with the Minimum Social Safeguards?

ALIGNED

NO

*Do No Significant Harm (DNSH)

NONONO

YES

Most relevant for NRC Group

• Infrastructure for rail transport• Infrastructure enabling low-carbon

road transport and public transport• Infrastructure for personal mobility• Electricity generation from wind power• Collection and transport of non-

hazardous waste in source segregated fractions

• Freight transport services by road

NRC Group activities not eligible:• Parts of the environmental business• Civil construction related to non-

eligible activity

Relevant climate change mitigation

• Rail infrastructure must be electrified or planned to be electrified within 10 years

• Freight transport services by road must comply with emission requirements

Must meet all criteria

• One important condition for our business is recycling rate > 70%

Must apply with Group Policies and EU regulations

YES YES YES

Requirements going forward

14

Eligible 85%

Not eligible 15%

Estimated aligned 65-75%

Estimated notaligned 25-35%

• 85-95% of economic activities are eligible* (based on share of expected revenue for 2021)

• Estimate that 65-75% of revenue will be aligned**

Requirements going forward

• From 1 January 2022 (Sustainability Report 2021)

- Disclose the share of Taxonomy-eligible and Taxonomy non-eligible economic activities

• From 1 January 2023 (Sustainability Report 2022)

- Full reporting

Estimated results

* Activities that are defined in the EU Taxonomy delegated act annex 1** Based on assumptions that recycling rate in NRC Group in Finland will be > 70% in 2022

Operational review

NRC Group Finland – Strong profitability

16* Before other income and expenses (M&A expenses)** Local currency

(NOK million) Q2 2021 Q2 2020

Revenue 695 700

EBITA* 65 19

EBITA* margin 9.4% 2.7%

Order intake 1,287 557

1 006 905

1 776 2 133

2 783

3 038

Comingyears

Currentyear

Q2 2021 Q2 2020

Order backlog(NOK million)

• Organic growth** +8%• Solid performance in Rail Construction• Improved results in Maintenance• Positive results from sale of machinery• Solid order intake

17

NRC Group Finland – Solid tender pipeline

#1

#9

#1

#14

2 200

600

0

500

1 000

1 500

2 000

2 500

Rail construction Maintenance

NOK >300m NOK 100-300m NOK 30-100m

Tender pipeline

• Decreased with NOK 1.1 Bn from Q121 pipeline, mainly from maintenance projects

• NOK 1.0 Bn increase from same period last year mainly related to rail construction projects

NTSP*• The first National Transport System Plan (NTSP) for 2021-2032

has been adopted by the government

Light rail projects• Crown Bridge project is expected to be decided Q3/Q4 2021• Continued high investment level expected in the coming years• NRC Finland is market leader

1) NRC Group estimates

2) NTSP: National Transport System Plan

NOK 2.8 billion tender pipeline1

NOK million value, # of tenders, next 9 months

NRC Group Sweden – Low revenue impacting profitability

18* Before other income and expenses (M&A expenses)** Local currency

(NOK million) Q2 2021 Q2 2020

Revenue 400 487

EBITA* -12 -13

EBITA* margin -3.1% -2.7%

Order intake 288 305

• Organic growth** -15%• Low hit rate the last 12 months• Still fierce competition• Low profitability • Prioritising winning robust projects vs growth

703 727

1 178

1 827

1 881

2 554

Comingyears

Currentyear

Q2 2021 Q2 2020

Order backlog (NOK million)

19

NRC Group Sweden – Continued high tender activity expected

1) NRC Group estimates

2) National Transport Plan

#5 #6

#7

#27

5 800

3 200

0

1 000

2 000

3 000

4 000

5 000

6 000

7 000

Rail construction and civilworks

Rail maintenance

NOK > 300m NOK 100-300m NOK 30-100m

Tender pipeline

• In line with Q121 pipeline• NOK 0.8 Bn lower than last year at same time, mainly explained with

postponed projects for Storstockholms Lokaltrafik (SL)• Six maintenance contracts with Trafikverket to be tendered for in the

pipeline, including three of our existing contracts

NTP2 update • Proposal for 2022-2033 of SEK 876 billion, an increase of SEK 176 billion from existing NTP

• Expected to be approved Q2 2022

NOK 9.0 billion tender pipeline1

NOK million value, # of tenders, next 9 months

NRC Group Norway – Continued focus on restoring margins

20*Before other income and expenses (M&A expenses)** Norsk Saneringsservice (demolition and recycling)

(NOK million) Q2 2021 Q2 2020

Revenue 433 476

EBITA* 2 27

EBITA* margin 0.5% 5.7%

Order intake 591 457

• Organic growth -9%• Continued improvement in Rail Construction• Weak profitability NSS** – good progress on improvement measures• Low profitability in Civil due to low revenue• Solid order intake in Civil construction during the quarter

840 762

1 1901 172

Coming years

Current year

Q2 2021 Q2 2020

1 9342 030

Order backlog (NOK million)

NRC Group Norway - Solid tender pipeline

21

1.) NRC Group estimates2.) National Transportation Plan

#6

#4

#2

#7

#5

#11

0

1 000

2 000

3 000

4 000

5 000

6 000

Rail construction Civil works & Environment

NOK > 300m NOK 100-300m

Strong pipeline• Decrease of NOK 1.0 Bn in tender pipeline vs Q121 and an

increase of NOK 0.7 Bn vs last year• Maintenance contract included in Rail construction

pipeline

NTP2 update• Proposal for 2022-2033 of NOK 400 Bn presented in March

up NOK 72 billion from existing NTP

• Approved by the parliament in June 2021

NOK 8.3 billion tender pipeline1

NOK million value, # of tenders, next 9 months

#1

5 150

3 150

Financials• Improved results• Strong order intake

Operations• Focus on core processes in tendering and project execution

continues in order to restore profitability

Outlook • 2021 EBITA*margin expected to be 1.75-2.5%• Continued strong outlook for investments in sustainable

infrastructure confirmed

Summary

* Before other income and expenses (M&A expenses)

Appendix

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Order book execution by countryNOK million

Book-to-bill ratio Period order intake/revenue

24

Order book and book to bill

840704

486

703830

348

1 006 1 086

690

2 5492 620

1 524

0

500

1 000

1 500

2 000

2 500

3 000

2021 2022+ 2023+

Norway Sweden Finland

0,8

0,9

0,0

0,5

1,0

1,5

2,0

2,5

Q219 Q319 Q419 Q120 Q220 Q320 Q420 Q121 Q221

Book to bill Book to bill LTM/ LTM Revenue

25

Segments – key figures quarterly development

*Before other income and expenses (M&A expenses).**Design operations restated as discontinued operations.***Restated due to deviation from Q4 to full-year 2019 report related to the final settlement of a dispute from 2015 decided by an arbitration court.

Reported** Reported** Reported Reported*** Reported Reported Reported Reported Reported Reported

Norway operations (NOK million) FY 2017 FY 2018 FY 2019 FY 2020 Q1 2019 Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021

Total revenue 771 1 598 2 281 1 866 470 545 683 583 407 476 541 442 423 433

EBITDA* 43 136 186 82 14 65 75 32 7 50 41 -17 6 29

EBITA* 21 96 97 -14 -5 43 52 8 -14 27 16 -43 -17 2

EBIT* 5 75 70 -23 -13 35 45 2 -18 23 16 -44 -18 -7

Sweden operations (NOK million) FY 2017 FY 2018 FY 2019 FY 2020 Q1 2019 Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2020 Q2 2021

Total revenue 1 613 1 591 1 539 1 777 299 411 460 370 311 487 583 396 259 400

EBITDA* 221 27 -77 -21 -7 -13 14 -71 -15 0 4 -10 -22 0

EBITA* 198 -8 -125 -69 -20 -24 2 -83 -27 -13 -7 -22 -35 -12

EBIT* 179 -16 -125 -71 -20 -24 2 -83 -28 -14 -8 -23 -36 -13

Finland operations (NOK million) FY 2017 FY 2018 FY 2019 FY 2020 Q1 2019 Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2020 Q2 2021

Total revenue 2 388 2 811 361 601 712 713 540 700 831 740 446 695

EBITDA* 191 231 4 64 70 53 16 37 100 78 15 78

EBITA* 116 161 -13 45 55 29 -3 19 84 62 2 65

EBIT* 75 116 -24 35 45 19 -14 7 72 50 -9 55

Consolidated (NOK million) FY 2017 FY 2018 FY 2019 FY 2020 Q1 2019 Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2020 Q2 2021

Total revenue 2 373 3 176 6 193 6 449 1 130 1 551 1 850 1 663 1 254 1 661 1 956 1 578 1 129 1 529

EBITDA* 236 132 267 264 -3 103 153 13 -1 81 140 44 -10 99

EBITA* 190 57 55 50 -54 51 105 -47 -54 27 88 -10 -59 47

EBIT* 156 29 -15 -8 -72 34 87 -63 -69 11 75 -25 -71 26

Rail investments and maintenance spending1

EUR million, 2019-24

Finland – Confirmed continued high level of investment in 2021

261) Finnish Transportation Agency, National Budget 2021, NRC Group estimates

231 259 259 276 280 284

247

420 453356 370 370

119

211208

247326 309

E2024A2019 E2023B2020 B2021

597

E2022

890920

879

976 963

Light rail and other private

Investments & renevals

Maintenance

Budget confirmed• Confirmed investments and spending at EURO 0.92 Bn• Investments and renewals at high levels

Light rail projects• Continued high investment level expected • NRC Finland is market leader• Crown Bridge project is expected to be decided second

half 2021

Rail investments and maintenance spending1

SEK billion, 2019-24

Sweden – High investment level in line with expectations

271) Sweden: National budget 2021 with estimated for 2022-23, Swedish Transport Administration estimates for 2024 excluding estimated railroad tax; Maintenance is including

renewal/reinvestments. Excluding tram and metro

9,812,7 12,8 12,8 12,9 13,2

12,4

14,717,6 17,2 15,5 15,3

E2022A2019 P2020 B2021

30,4

E2023

27,4

E2024

22,2

30,028,4 28,5

Investments

Maintenance,renewals and operations

Budget confirmed• SEK 30.4 Bn for 2021, +7% higher than estimated in the NTP• The high investment level is expected to continue also in

2022

Rail investments • SEK +2.9 Bn mainly targeted to existing larger projects

Maintenance • Additional allocation of SEK 700 mill in 2020 and SEK 500 mill each year in 2021-2023

Renewal • SEK 3.7 bn in 2021 vs SEK 4.3 bn in 2020

Maintenance backlog • SEK ~18 Bn in 2020 and expected to be stable going forward

Rail investments and maintenance spending1

NOK billion, 2019-24

Norway - Investment growth in 2021 mainly related to on-going projects

281) Norway: Proposed National budget 2021, National Railway Directorate NTP filings. Maintenance figures include Bane NOR operations and renewal, partly addressable. Excluding tram and metro.

NTP: National Transportation Plan 2018-2029

12,7 13,2

17,3 17,018,5 18,9

8,5 8,7

9,2 9,69,9

10,6

A2019 NTP2024E2020

26,5

21,9

B2021 NTP2022 NTP2023

21,1

26,6

28,429,5

Operations, maintenance and renewal

Investment and investment planning

Budget confirmed• NOK 26.5 bn for 2021, +20% from 2020 and approximately

NOK +1.7 Bn vs NTP level for 2021

Rail investments• Increase of NOK +4.5 bn mainly targeted to already awarded

Inter City investment (IC) projects in Vestfoldbanen, Meråkerbanen and other IC projects

Budget for operations, maintenance and renewal

• NOK 9.2 bn - up NOK 0.5 bn mainly related to implementation of ERTMS

• Renewal and upgrade NOK 2.3 bn in 2021 (NOK 2.2 bn in 2020)

Maintenance backlog• NOK 21 bn in 2020 and expected to increase to NOK 23 bn

during 2021